Term Life Insurance for Seniors

The best term life insurance for seniors help can help cover funeral expenses and other final expenses when they pass away. If you have put off buying coverage and are now getting up in years, you might be worried that you have waited for too long. It’s not too late to find coverage, but for best results, you’re probably going to want to shop around and compare different plans online so that you can find the right option for you. Luckily, this is something we can help with.

Term Life Insurance For Seniors: What to Expect

The first step that you’re going to need to take when buying life insurance as a senior is to determine the type of plan that you want. For many younger adults, term life insurance policies are a popular choice. This is because they often have higher face values. The way that term life insurance for seniors works is that you purchase coverage for a certain number of years, such as a 20-year term. Then, you make monthly premium payments. If you pass away during the 20-year term, your beneficiary will be paid the face value of the policy. After the 20-year period, you will need to sign up for another plan if you still want coverage.

Can I Qualify for Term Life Insurance For Seniors?

Unfortunately, even though term life policies can be a good choice for younger adults, they often aren’t a good option for the elderly. If you are a senior over 60 or over 70, there is a chance that you might have some minor health issues, even if you are in overall good health. The problem with many of these policies is that the underwriting is often very strict. You might have to undergo a medical exam, where things like your height, weight, and health will be considered. If you don’t “pass” the medical exam, you could be turned down for coverage, and you might be surprised by the things that you can get turned down for, such as high blood pressure. Even if you do get approved, you might find that your monthly premiums are incredibly high as a senior citizen. The best term life insurance for seniors is often not a very cheap choice if it’s an option at all.

What Plans Are Offered for Term Life Insurance for Seniors?

Even though term life insurance for seniors is often not a very good choice, you do still have options. If you have found that you can’t get approved for level term life insurance as a senior, or if you would like to keep your premiums down, you can look into a small whole life insurance option, which is often called burial insurance. These are a few reasons why this can be a great option with the best rates for seniors:

  • Whole life insurance face values are often smaller than death benefits for term life insurance, so monthly premiums are much cheaper.
  • Unlike with a term policy, you don't have to worry about being limited to a 10-year term or 20-year term. Instead, you can enjoy the peace of mind in knowing that you will not outlive your life insurance coverage.
  • You will not be expected to undergo a medical exam at all.
  • For many term life insurance plans, good health is required. If you choose final expense insurance, this might not be the case. Of course, you may need to answer some health-related questions when shopping for permanent life insurance in the form of a whole life policy. The good news, however, is that many companies are only looking for major health issues like a recent heart attack or stroke. For more minor, everyday health conditions like diabetes and high blood pressure, you shouldn’t have to worry about being turned down as long as those conditions are well controlled.
  • There are some guaranteed acceptance life insurance policies out there that you can get approved for, even with more serious health issues, such as a terminal illness. For these policy options, however, there may be a waiting period before you are fully covered. If you pass away during this waiting period, the payout might only be a portion of the benefit amount, or the premiums might just be refunded. After the designated period of time for the waiting period, your beneficiaries will be able to receive a full payout.
  • Whole life insurance, unlike term insurance, will often build cash value while you're living. You may enjoy other living benefits from your permanent policy/universal life policy, too.
  • Coverage amounts vary with a whole life insurance policy. If you're a non-smoker who is in good health, you might qualify for a larger policy. If not, with this type of policy, you can still enjoy coverage that will help with funeral costs, medical bills, and other expenses as a policyholder. Monthly payments for your life insurance rates can still be surprisingly affordable if you choose the right life insurance company for this type of life insurance, although those who are willing to answer health questions will pay less than someone who isn't in the best of health.

Term Life Insurance For Seniors Overview

As you can see, as a senior who is looking for term life insurance, you do have options. Even though you might want to get a few quotes for senior term life insurance to see what is out there, you may want to consider burial insurance or universal life insurance option instead. When you look into life insurance quotes, you can find the best life insurance option for you or your loved ones. There are truly affordable life insurance options with affordable life insurance premiums for just about anyone, whether you're 60 years old or 80 years old. We are a life insurance agency that is licensed to sell burial and the best term life insurance for seniors and other types of life insurance policies in multiple states. We have put together an online quote engine, so if you’d like to see what your options are and get started today, you can do so by entering your ZIP code. We are sure that you will find a senior life insurance option that is right for you, right here on our website, from a top-rated provider with high A.M. Best ratings, such as Mutual of Omaha. You can rely on our licensed insurance agents to help you find a policy with level premiums and good coverage, and we will even help you with the application process to make it that much easier for you.